During today’s early trading session, Asian stocks traded lower after Saudi Arabia and its allies launched airstrikes in Yemen creating cautiousness amongst market spectators. Furthermore, following the news of air strikes in Yemen, the price of oil rallied 6% over concerns of supplies from the oil rich region. Later today, Japan is to release a number of economic reports including the yearly household spending and the National Core CPI.
During the European session, the British pound dropped against the Dollar despite positive data. Positive sentiment for the Dollar continued after the U.S. released data showing that the Initial Jobless Claims showed a reading of 282,000, below the expected figure 290,000, this data supports past remarks made by Janet Yellen that an interest rate hike will be based on an improving labour market.
ECB President Draghi is currently speaking, currency traders will listen closely for any clues on future monetary policy and his comments may cause short term volatility in the markets.
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